Consumer-Driven Banking Act repealed in full

Plain-language summary · AI-assisted · not legal advice

The Consumer-Driven Banking Act has been repealed. The entire substantive text of the Act — including its provisions on consumer data sharing, the participating entity registry, the technical standards body, prohibitions, offences, and regulation-making powers — has been removed from the consolidated statutes. Only a short citation block remains, noting the repeal. Organizations that were monitoring or preparing for the consumer-driven banking framework should be aware that this legislation no longer exists in its prior form. Anyone who was relying on this Act or planning compliance programs around it will need to reassess their approach.

Who this affects: financial institutions and banks · fintech and open banking service providers · businesses preparing for consumer-driven banking compliance · legal and compliance teams tracking federal financial regulation